Purchasing Costs

It is important when you decide to buy a home that you have a full understanding of the costs associated with your purchase. People often assume the only cost of buying a home in our real estate market is the price of the home, and that is it.

There are a lot of additional costs that you must be prepared for when buying a home, and it is important that you are fully aware of them. You will need to have some additional money set aside to cover these costs unless you have already made arrangements with your bank to cover these costs and absorb them into your mortgage.

Your largest initial expense will be your deposit. As a first time buyer (or even a repeat buyer) this should generally be approximately 5% of the purchase price; however, it will be up to the seller to determine how much they want in order to feel confident that you won’t walk away from the deal without your deposit if you need to. You should also be prepared to pay:

Legal fees and disbursements

When buying a new home (newly built / never lived in) you are sometimes responsible for GST and/or PST if applicable

Property or land transfer tax

Adjustments (payable to the vendor, such as taxes)

Interest

Property Taxes

Utility Payments

If in a Condominium type of ownership, condo or strata fees

Home inspection fees or any other ancillary service fees requested by you as the buyer (furnace inspection, appraisal fee, water quality/quantity tests for acreages)

Additionally, once you have purchased your home you will incur regular expenses on a monthly, quarterly, or yearly basis such as:

Mortgage payments (you can do these weekly, bi-weekly, or monthly)

Water/sewer payments

Electricity and gas services

Cable/telephone/internet services

Property taxes

Strata or Condo fees

Repair/Maintenance expenses

Homeowners insurance

Don’t let this list of additional expenses worry you about buying a new home. All of these costs are part of purchasing a home and are well worth it. If you are interested in buying real estate, be sure to contact us. When working with you, we will sit down and go over a detailed list of expenses you will incur when buying a home. There are different expenses depending on the type of home you purchase. We can also put you in contact with many different vendors throughout the city that will be able to provide you competitive pricing on many of the associated costs. Be sure to contact us if you are looking to buy in the local real estate market.

ONGOING COSTS ASSOCIATED WITH OWNERSHIP

Sample annual expenses when owning a $500,000.00, single family residence.
Property Taxes: Conservatively budget 1% of value of house

UTILITIES

Testimonials

George, just a note to say how stress-free and seamless it has been to have you work on my behalf during my Okanagan real estate transactions. I have benefited immensely from your integrity, your thoroughness and resourcefulness — you have a natural ability of understanding the nuances of a client’s unique real estate needs and in particular, how my investment and property goals differ from some other buyers. You also fine-tuned the list of viewings to only those that met my specific criteri…

Josephine Thompson/Kelowna – April 2012

I wanted to thank you and the whole Patridge Fraser Team for your help and support in finding our dream home in Kelowna. When moving 4000 kilometers across the country, a purchaser needs a local knowledgeable support team. Despite the very short time we had to visit and understand the Kelowna area, you managed to capture our requirement, zero in on what was important to us and demonstrate the pros and cons of each region in a patient, clear and decisive manner. This allowed us to target a sp…

Gary & Patricia - Oct. 2015

As members of the Okanagan Symphony Orchestra Board of Directors, we thank you for your generous sponsorship of our “Symphony in White Garden Party” that was held on July 15th here at Gallaghers Canyon. The proceeds from the event will support the Okanagan Symphony Orchestra (OSO), particularly its outreach and education programs, and the Okanagan Symphony Youth Orchestra (OYSO). As you are aware the “Symphony in White Garden Party” was a private fundraising event that attracted 96 women residen…

Okanagan Symphony Orchestra

Thanks very much for your dedication and support to our Gallaghers Community and to Nina and myself.

Paul & Nina

We worked with George Patridge for several months before finding the perfect holiday retreat for our needs. Throughout, George provided great guidance based on his broad knowledge of the Kelowna market and his sensitivity to our particular wants and needs. He is unfailingly gracious, patient, forthright and willingly goes the extra mile to help his clients before, during and after the transaction.

Joan and Bruce Philip – Toronto, ON

Thanks to Gerry and all those who have appealed to put the pressure on. Gerry, you mobilized the community and we did our thing…You have put money in all our pockets for which we are all very grateful!!!

RE: Property Tax Assessments 2016

BC Children's Hospital Foundation

Thank you for everything you have done for us. As I look back at both my personal and professional life, I am hard pressed to find many people as solid as you, George. You have been so down to earth and so honest with us in all of your dealings and have gone over and above our expectations in any request we have made of you. You have been our agent and might I say friend for the past few years and this last sale was by far the most difficult. You were professional, patient and encouragin…

Rob & Shelley – Oct. 2012

Gallaghers Canyon Art Society

During the eight years we lived in Gallagher’s Canyon, we came to know Gerry Fraser as a loyal friend, a staunch promoter and member of the community, and an ethical and trustworthy realtor. When the time came to list our house, we had no hesitation in calling in the Fraser Patridge Group. In no time at all, Gerry had organized an impressive photographic package for the house and a marketing strategy. The prospective buyers fell in love with the house based on the photos and lost no time in ch…